Ecobank Urges Customers to Deposit Old Naira Notes, Offers 8% Interest

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By Dipo Olowookere

As the deadline to deposit old Naira notes draws closer, Ecobank Nigeria has advised its customers to avoid the last-minute rush and do the needful quickly.

Last October, the Central Bank of Nigeria (CBN) said it was redesigning the N200, N500, and N1,000 notes to counter hoarding of the banknotes and counterfeiting.

On November 23, 2022, it unveiled the new notes, and on December 15, 2022, they hit circulation and would be spent alongside the old notes until January 31, 2023, when they (old notes) cease to be legal tender in Nigeria.

Though some Nigerians have lamented the scarcity of the new Naira notes, Ecobank has said its customers can deposit the old notes before the deadline.

There have been calls from various quarters, including from the National Assembly, for an extension of the deadline to June 30, but the CBN has maintained that the current deadline would not be shifted.

To encourage its customers to deposit their old notes, Ecobank is offering 8 per cent interest on their savings.

In a message to customers, the bank noted that measures are in place in all its branches to ensure seamless, easy and stress-free cash deposits by customers, adding that its branches are now open for business on Saturdays to accept deposits from customers.

Responding to media questions in Lagos, the Group Head of Operations and Technology at Ecobank, Mr David Isiavwe, said there are no charges on cash deposits at any Ecobank branch, no matter the volume, assuring customers of prompt services any day of the week and on Saturdays when the branches are also opened to receive cash.

“We wish to inform our customers not to wait for rush hour to bring their cash to the bank. They should visit any of our branches closest to them to deposit their cash in their account.

“We have extended our working days to Saturday to enable customers to deposit cash.

“Though we are impressed with the present turnout of customers, there is still the need for others to comply. We don’t want any of our customers to miss the CBN’s deadline,” he said.

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